Online Travel Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Online Travel Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Online Travel market size is projected to reach US$ 1,569.25 Billion by 2030, according to Renub Research. The Global online travel industry is being pushed through quick and smooth flight and motel bookings, accelerated customer trust in online payment, and the option to compare numerous travel options. Market players are appreciably presenting travel services thru mobile websites and apps, as it is one of the most desired mediums of travel bookings, in particular among younger professionals.

In 2022, the Travel and Tourism Council contributed 7.6% to the worldwide GDP, an increase of 22% from 2021, according to the World Travel & Tourism Council. Online travel simplifies travel planning and control thru web portals. This consists of vacation spot research, price comparison, flights, hotels, and car rentals through travel companies and online websites. It changes travel patterns, making it easier to find various options. Easy-to-use interfaces, advanced filters, and actual-time data enhance agreement search and choice-making.

Over 900 million tourists traveled the world over in 2022, UNWTO World Tourism. The growing tourist preference for reliable transport, customized service, exclusivity effective and expert interaction with staff is fuelling the increase. The primary services are offered by online travel firms around the globe, accelerating market boom. Moreover, the growing inclination in group traveling among the young people is predicted to boost up industry development.

Online Travel Market is growing at a CAGR of 12.99% during 2023-2030.

The global online travel booking market will possibly be pushed by rising disposable income, popularizing weekend culture, introducing low-value airline services, and the growing low cost airline industry. The upward thrust in spending power and the fashion of living are two of the most important factors driving people to luxurious accommodations. The demand for online travel market share is also fueled through cities or country hosting of sporting events. The emergence of online accommodations booking services has hastened the development of the market. Moreover, working professionals prefer online travel booking services over offline modes. Customers' growing demand for proper and individualized travel experiences is anticipated to propel the industry boom throughout the forecast period. Additionally, the growing digital innovations, constantly shifting customer expenditure behaviors, and rising urbanization are collectively projected to power the market.

Online travel booking is gaining gigantic popularity with the younger generation. Digitally smart products influence millennials and Gen Z, so they're expected to search for advanced booking systems that provide them a customized experience. As such, travel company are investing in integrating technology including artificial intelligence, machine learning, and Big Data to help automate the online travel booking process, that's anticipated to attract young consumers. Travel companies can leverage the traveler analytics generated by Big Data and provide tailor-made programs that is anticipated to help attract extra website and app traffic contributing to market growth. Online Travel Market was valued at US$ 667.55 Billion in 2023.

Online platforms and travel tech have boosted direct bookings, spurring growth

By Type, Online Travel Market is segmented into Package and Direct. The surge of online package and the integration of present day travel technology have drastically catalyzed the increase of direct bookings in the travel industry. This transformation has reshaped how tourists engage with journey suppliers, making it more convenient and efficient. Visitors can seamlessly connect with airlines, hotels, and other service vendors via user-friendly interfaces and real-time records. By eliminating intermediaries, tourists enjoy personalized reviews and better offers. This trend towards direct bookings has empowered vacationers and driven the journey industry to conform and innovate, in addition fueling its online travel agency market size boom and evolution.

Online travel market anticipates the travel accommodation booking segment to attain the maximum rapid growth

The Online Travel Market is divided into Transportation, Vacation Packages, and Travel Accommodation by Service Type. The dominance of travel lodging, pushed through improved online hotel bookings globally, fuels market increase. Additionally, the surge in couples-orientated package vacations, heightened internet adoption, mobile phone usage, and the impact of social media in exploring uncharted locations are expected to reinforce the industry. Competitors are expanding lodging alternatives, and tourists now compare more than one websites for cost-effective choices. Specialized online accommodation providers like Airbnb and OYO Rooms are preferred. These factors contribute to the growth of the global online travel market as hotels with superior technology and high-cease designer interiors advantage recognition.

UPI payment market is experiencing significant growth in the global online travel industry

By Payment Mode, the Online Travel Market is classified into UPI, E-Wallets, Debit/Credit Cards, and Others. The UPI (Unified Payments Interface) payment market is witnessing fantastic growth within the online travel industry. This surge can be attributed to the growing consumer desire for seamless, stable, and efficient digital payment techniques whilst booking flights, accommodations, and travel-related services. With the benefit of UPI transactions, travelers can effects make payments, improving the overall booking experience. Moreover, the unlimited adoption of smartphones and net connectivity has further expanded the integration of UPI payments into numerous online travel platforms. This flourishing trend underscores the pivotal position that UPI is playing revolutionizing payments strategies and driving the increase of the online travel worldwide.

Mobile and tablets is poised to showcase the maximum speedy expansion within the online travel industry

By Booking Devices, the Online Travel Market is sub-segmented into Mobile/Tablet and Desktop. Mobile & Tablets market will expected to dominate within the online travel industry. This is due to the ever ubiquitous presence of smartphones, which has empowered tourists to access travel-related services and make bookings at their fingertips. Mobile apps and web sites have become the go-to travel planning platforms, making the process more handy and consumer-friendly. The convenience of reserving flights, inns, and different travel necessities on the go is an important driving force of this trend. As technology advances and mobile payment alternatives become more secure and seamless, the mobile section's ascension in the online travel industry is about to redefine how human beings plan and embark on their trips.

With China most lucrative market, this sector holds the supreme growth potential in the online travel industry

By Countries, Online Travel Market is split into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, and Turkey), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and New Zealand), South America (Brazil, Mexico, and Argentina), Middle East & Africa (South Africa, Saudi Arabia, and UAE) and Rest of World. The online travel industry is at a thrilling juncture and the China market shines as the most financially worthwhile. This pivotal area is poised to unleash exceptional growth ability pushed via many factors. With its burgeoning middle class, China is fueling a travel growth, each locally and across the world. The swiftly growing internet and mobile penetration and a tech-savvy population reshape how journey is planned and booked. Furthermore, government projects and investments in infrastructure are facilitating seamless travel experiences. All these elements converge to make China the maximum promising frontier for the online travel industry’s boom trajectory.

Key Player

In the online travel industry, distinguished players which include Airbnb, Expedia Inc, Booking Holding, Trip Advisor Inc., Trip.Com Group Ltd, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.Com Corp, MakeMyTrip Limited and Lastminute.Com Group are actively shaping the panorama.

Renub Research latest Report “Online Travel Market Global Forecast by Type (Package, Direct) Service Type (Transportation, Vacation Packages, Travel Accommodation), Payment Mode (UPI, E-Wallets, Debit/Credit Card, Other), Devices Type (Mobile/Tablet, Desktop), Region (North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, and Turkey), Asia Pacific (China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, and New Zealand), South America (Brazil, Mexico, and Argentina), Middle East & Africa (Saudi Arabia, UAE, and South Africa) and Rest of the World), Company Analysis (Airbnb, Expedia Inc, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com Corp, MakeMyTrip Limited and Lastminute.com)” Provides complete details on Global Online Travel Market

Type – Global Online Travel Market breakup by 2 viewpoints

1. Package

2. Direct

Service Type – Global Online Travel Market breakup by 3 viewpoints

1. Transportation

2. Vacation Packages

3. Travel Accommodation

Payment Mode – Global Online Travel Market breakup by 4 viewpoints

1. UPI

2. E-Wallets

3. Debit/Credit Card

4. Other

Country – This report covers the 26 countries Online Travel Market

1. North America

1.1 United States

1.2 Canada

2. Europe

2.1 France

2.2 Germany

2.3 Italy

2.4 Spain

2.5 United Kingdom

2.6 Belgium

2.7 Netherland

2.8 Turkey

3. Asia Pacific

3.1 China

3.2 Japan

3.3 India

3.4 South Korea

3.5 Thailand

3.6 Malaysia

3.7 Indonesia

3.8 Australia

3.9 New Zealand

4. Latin America

4.1 Brazil

4.2 Mexico

4.3 Argentina

5. Middle East &Africa

5.1 Saudi Arabia

5.2 UAE

5.3 South Africa

6. Rest of the World

All the major players have been covered 3 Viewpoints

Overview

Recent Development

Revenue

Company Analysis

1. Airbnb

2. Expedia Inc

3. Booking Holding

4. Trip Advisor Inc.

5. Trip.com Group Ltd

6. Hostelworld Group PLC (HSW)

7. Trivago N.V

8. Despegar.com Corp

9. MakeMyTrip Limited

10. Lastminute.com